Starboard Value
Starboard Value LP is a New York-based activist hedge fund founded in 2011 that takes concentrated equity stakes in undervalued public companies and engages management to unlock value through operational improvements, capital allocation changes, and strategic alternatives, managing ~$4.57B AUM as of Q1 2026.
- Company typePrivate
- Founded2011
- HeadquartersNew York, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Starboard Value does
Starboard Value LP is a New York-based activist investment adviser founded in 2011 by Jeff Smith, with the underlying investment strategy originally launched in 2002 at Ramius LLC. The firm takes concentrated equity stakes in deeply undervalued publicly traded companies and engages directly with management teams and boards of directors to drive operational improvements, capital allocation changes, strategic alternatives (M&A, spin-offs, divestitures), and governance reforms. As of Q1 2026, Starboard managed approximately $4.57 billion in assets across an 11-campaign 2025 deployment of roughly $2 billion, ranking it among the most active activist investors globally. The firm operates with a 40+ person professional team split between its New York headquarters (777 Third Avenue) and a Fort Lauderdale office, and is led by Managing Members Jeff Smith (CEO/CIO) and Peter Feld (Portfolio Manager/Head of Research).
The business model is a traditional institutional hedge fund structure: Starboard earns asset-based management fees on its approximately $4.57B AUM and performance-based incentive allocations on realized investment gains, with portfolio construction dominated by concentrated, event-driven activist positions. In 2025-2026 notable positions included Qorvo (7.7%, ~$500M), Bill Holdings (8.5%), Clearwater Analytics (~$240M, ~5%), CarMax (~$350M, ~6%), TripAdvisor (~9%), Lamb Weston, Dynatrace, Riot Platforms, Flowserve, Fluor, and Salesforce. Notable 2025-2026 outcomes include the announced Qorvo-Skyworks merger (~$22B combined), the agreed $8.4B Clearwater Analytics sale to a Permira/Warburg Pincus consortium, a CarMax CEO change with 26% YTD stock appreciation, and TheFork's $700M sale to American Express.
Starboard's go-to-market with portfolio companies is a direct, engagement-driven model combining SEC filings (13D disclosures), public shareholder letters, board nominations, and cooperation agreements. LP-side distribution is handled through dedicated investor relations infrastructure (managed by Kim Colahan, MD, Head of IR) with Morgan Stanley Fund Services as fund administrator. The firm does not operate proprietary technology products; its investment process relies on fundamental analysis, sector expertise, and public-company board experience rather than AI-driven or quantitative systems.
Starboard Value firmographics
Firmographics- Name
- Starboard Value
- Legal name
- Starboard Value LP
- Website
- https://starboardvalue.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Starboard Value LP is a New York-based activist hedge fund founded in 2011 that takes concentrated equity stakes in undervalued public companies and engages management to unlock value through operational improvements, capital allocation changes, and strategic alternatives, managing ~$4.57B AUM as of Q1 2026.
- Ownership category
- akta.pro rank
Starboard Value industry classification
Industry- Product category
- Activist Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Corporate Finance & Capital Advisory (BPAHADAB)
- akta.pro secondary industries
- Sell-Side M&A Advisory (FSAEAGAA), Buy-Side M&A Advisory (FSAEAGAB)
Keywords
Where Starboard Value is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Starboard Value business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Others, Technology or R&D, Marketing or Sales
Revenue model
- Investment Management Returns: Starboard Value generates returns through its activist investment strategy, seeking to unlock value in deeply undervalued publicly traded companies by engaging with management teams and boards of directors. The firm benefits from successful value creation initiatives including operational improvements, cost reductions, strategic alternatives (M&A, sales, spin-offs), and capital returns at portfolio companies.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Starboard Value product offering
Product offeringCore offering
Starboard Value LP is an investment adviser that pursues a focused and fundamental activist approach to investing in publicly traded companies. The firm invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute value-unlocking initiatives including operational improvements, cost reductions, strategic alternatives (M&A, sales, spin-offs), and capital return optimization. The investment strategy has been managed by its principals since 2002, with Starboard Value LP established as an independent adviser in 2011.
Product overview
Starboard Value LP is an investment adviser that provides activist investment management services. The firm does not offer a technology product portfolio; rather, it offers investment advisory services focused on identifying and executing opportunities to unlock value in publicly traded companies through active engagement with management teams and boards of directors. The firm's investment strategy has been managed by its principals since 2002.
Differentiator
Problem solved
Functional benefit
Products and services
- Activist Investment Management Services
Quantifiable outcome
- 11 campaigns with $2 billion deployed in 2025 (Barclays report)
- +2 more outcomes
Companies that use Starboard Value
Customer profileNamed customers9 records
Segments1 record
Ideal customer profiles1 record
Starboard Value technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Starboard Value partnerships and signals
Strategic signalScale indicators3 records
Recent moves6 records
Expansion highlights5 records
Starboard Value competitors and assessment
Company assessmentDirect peers
- JANA Partners: Activist fund employing a 'deep value + operational engagement' strategy analogous to Starboard's, often targeting mid- and large-cap companies with margin-improvement or strategic-alternative theses.
- Third Point LLC: Activist hedge fund that takes large stakes in public companies and publishes detailed activist theses (e.g., Disney, Sotheby's, Shell). Operates a similar fundamental-activist model with a focus on strategic, operational, and capital-structure change.
- Icahn Enterprises (Carl Icahn): Long-running activist investor pursuing unsolicited M&A proposals, board seats, and operational change at public companies. Overlaps with Starboard in fundamental activist methodologies across small-, mid-, and large-cap targets.
- Elliott Investment Management: The world's largest activist hedge fund, deploying more capital across more campaigns than Starboard in 2025. Both funds run classic fundamental-value activist strategies, take meaningful equity stakes in public companies, publish public letters, and pursue operational, capital-return, and strategic-alternative agendas.
- Trian Fund Management: Activist firm led by Nelson Peltz with a long-term, board-engagement approach similar to Starboard's playbook. Both funds typically push operational improvement, cost reduction, and strategic M&A at large public companies.
- ValueAct Capital: Activist fund that takes significant minority stakes and engages constructively with management teams and boards to drive value — directly comparable to Starboard's non-confrontational cooperation-agreement model at TripAdvisor and Dynatrace.
- Pershing Square Capital Management: Concentrated, activist-influenced public-equity manager running a small set of high-conviction campaigns. Comparable to Starboard in operational-engagement style, public-letter approach, and pursuit of strategic alternatives.
- Darsana Capital Partners: Mid-sized activist fund pursuing fundamental, value-oriented campaigns at public companies. Closely comparable in fund size, structure, and activism style to Starboard (the firm's current CFO previously served as Darsana's Controller).
Broad incumbents
- Paulson & Co. Long-running event-driven and value-oriented hedge fund, historically an activist player. Comparable to Starboard in fundamental, deal-driven investment philosophy though positioned more broadly and less exclusively as an activist.
Emerging players
- Impala Asset Management: Smaller activist-oriented hedge fund with a comparable fundamental-research and operational-engagement approach. Operates in a similar niche to Starboard but at smaller AUM scale and deal cadence.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Starboard Value social profiles
Digital presenceStarboard Value financial estimates
Financial estimateRevenue estimate
Valuation estimate
Starboard Value leadership team
Management profileNumber of profiles
Profiles9 records
Starboard Value funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Starboard Value M&A and investment
M&A and investmentM&A
Investments26 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Starboard Value
What does Starboard Value do?
Starboard Value LP is an investment adviser that pursues a focused and fundamental activist approach to investing in publicly traded companies. The firm invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute value-unlocking initiatives including operational improvements, cost reductions, strategic alternatives (M&A, sales, spin-offs), and capital return optimization. The investment strategy has been managed by its principals since 2002, with Starboard Value LP established as an independent adviser in 2011.
Is Starboard Value a public or private company?
Starboard Value is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Starboard Value founded?
Starboard Value was founded in 2011. It employs 11 to 50 people.
Where is Starboard Value based?
Starboard Value is headquartered in New York, United States, in the North America region.
How does Starboard Value make money?
One revenue line is on record: investment Management Returns.
Who are Starboard Value's main competitors?
Direct peers on record are JANA Partners, Third Point LLC, Icahn Enterprises (Carl Icahn), Elliott Investment Management, Trian Fund Management, ValueAct Capital, Pershing Square Capital Management and Darsana Capital Partners. Paulson & Co. is listed as a broad incumbent. Impala Asset Management is listed as an emerging player.
Does Starboard Value have an API?
No public API is recorded for Starboard Value.
What industry is Starboard Value in?
Starboard Value's product category is Activist Investment Management. Its primary akta.pro industry code is BPAHADAB, Corporate Finance & Capital Advisory, with a secondary code of FSAEAGAA, Sell-Side M&A Advisory. Its NAICS code is 523940 and its SIC code is 6282.